Left Menu
Development News Edition

Brazilian startup Volanty gets capital injection led by SoftBank

Reuters | Brasilia | Updated: 08-08-2019 01:13 IST | Created: 08-08-2019 01:12 IST
Brazilian startup Volanty gets capital injection led by SoftBank
Image Credit: Flickr

Brazil's digital used car portal Volanty has received an infusion of 70 million reais ($17.6 million) from venture capital funds led by Japan's SoftBank and Kaszek of Argentina.

The funds, which were also joined by Monashees Capital+ and Canary, are betting on a fast-growing market for second-hand cars that has a turnover of 400 billion reais a year. Venture capital investment has quadrupled in Latin America over the last two years and is expected to continue surging this year mainly thanks to Japan's SoftBank Group, which launched a $5 billion Latin America fund in March — the region's biggest-ever venture capital deployment.

Volanty was set up in 2017 and brings together buyers and sellers of used vehicles online. But unlike other portals, it also has physical dealerships where vehicles are appraised, priced, photographed, documented and traded. The digital model for car sales has been successfully used in China, the United States and Europe.

Softbank earlier this year invested $1.5 billion in Chinese used car trading platform Guazi.com, which it valued at about $10 billion. Similar startups in other regions include Shift and Carvana in the United States, Auto1 in Europe and Kavak in Mexico. The investment in Volanty aims to tap the rapid growth expected in Brazil, where more than 14 million used cars were sold in 2018, according to car dealers federation Fenauto.

With the new funding, Volanty plans said it plans to speed up its expansion by opening new appraisal centers in Sao Paulo and hiring new staff, including industry executives. Last year, the startup received funding of 19 million reais from Monashees and Canary, which had already invested 2.5 million in the company in 2017.

"We will have hundreds of centers around the country in the coming years," Volanty co-founder and CEO Mauricio Feldman told Reuters.

Also Read: London's Canary Wharf DLR station reopens after brief disruption due to security alert


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

French city of Nice tightens coronavirus curbs as cases soar

The city of Nice on the French Riviera will ban gatherings of more than 10 people in public spaces as it seeks to curb COVID-19 infections that are soaring in the region, local authorities said on Friday.Bernard Gonzalez, prefect for the Al...

Not providing gadgets, internet to poor students for online classes digital apartheid: HC

The Delhi High Court Friday directed private as well as government schools like KVs to provide gadgets and an internet package to poor students for online classes, saying not doing so amounts to discrimination and creates a digital aparthei...

Virus clusters at French universities give Europe a lesson

Can mandatory masks offer enough protection in lecture halls so packed that late arrivals have to sit on the floor Thats what worries many students at the centuries-old Sorbonne University in Paris as the coronavirus is on the rebound acros...

Soccer-Man Utd's Solskjaer criticises England over handling of youngster Greenwood

Manchester United striker Mason Greenwoods first England call-up ended with him being disciplined for breaking COVID-19 rules but club manager Ole Gunnar Solskjaer said on Friday the 18-year-old should not have been part of the squad. Video...

Give Feedback